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Stock Market & Financial Investment News

News Breaks
May 22, 2014
10:06 EDTEVBSEastern Virginia Bankshares to repay up to $15M in TARP funding
Eastern Virginia Bankshares announced that it intends to repay up to $15M of its Series A Preferred Stock issued under the Troubled Asset Relief Program Capital Purchase Program. In connection with this repayment, the company will also pay $4.1M of previously accumulated but unpaid dividends to holders of the Series A Preferred Stock, and pay $1.1M of previously accrued but deferred interest on its trust preferred securities. CEO Joe Shearin commented, "We are extremely pleased to be able to announce this plan to repay a substantial portion of our $24M of Series A Preferred Stock. This repayment will eliminate a high cost source of capital and improve our financial results for our common shareholders...We continue to evaluate and implement strategies to strengthen our financial condition and increase profitability going forward, including the eventual repayment of our remaining Series A Preferred Stock, while identifying strategic opportunities to grow our balance sheet." The company currently anticipates completing the partial TARP repayment late during the second quarter of 2014.
News For EVBS From The Last 14 Days
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January 20, 2015
09:02 EDTEVBSEastern Virginia Bankshares announces partial redemption of Series A preferreds
Eastern Virginia Bankshares announced the partial redemption of an additional 5,000 shares, or 35.7%, of its 14,000 shares of outstanding Series A Preferred Stock that were originally issued to the U.S. Treasury under the Troubled Asset Relief Program Capital Purchase Program. Following completion of the partial redemption, 9,000 shares of Series A Preferred Stock remain outstanding. The redemption price for the shares of Series A Preferred Stock was the stated liquidation preference amount of $1,000 per share, plus accrued and unpaid dividends. The total aggregate redemption price of the shares of Series A Preferred Stock redeemed in the Partial Redemption was approximately $5.1M. The Partial Redemption will result in estimated annual savings of $450K, or 2c per fully diluted common share, due to the elimination of payment of dividends on the redeemed shares of Series A Preferred Stock. Following completion of the Partial Redemption, the capital ratios of the Company and EVB continue to exceed regulatory capital standards to be categorized as well-capitalized.

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